22 Nov '11, 5am

Chevron Fined Just Half a Day's Profit For Oil Spill #oilspill

What happens when a multi-billion dollar oil company accidentally unleashes thousands of barrels of oil into the Atlantic ocean? Well, in Brazil at least, they receive the financial equivalent of a slap on the wrist. As a consequence for Chevron's triggering of the latest environmental disaster off the coast of Rio de Janeiro, the Brazilian environmental protection agency, IBAMA, has put forth a fine of -- wait for it -- $28 million. Yes, that's million with an 'm'. While that may seem like a lot of money to you and me, it amounts just about half of what Chevron nets in profit each and every day. So why such a relatively small fine for Brazil's worst oil spill in over a decade? According to a Brazilian law, government agencies, like IBAMA, are limited to imposing fines not greater than R$50 million ($28 million USD) per infraction, of which only one has been cited. But as ...

Full article: http://www.treehugger.com/corporate-responsibility/chevro...

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